Woodward Research issues equity research report on Energy Mad

Wednesday 7 March 2012, 8:18AM
By Shine Group


Equity research specialist Woodward Research today issued a report on Energy Mad (NZX:MAD), the energy efficient light bulb manufacturer based in Christchurch, New Zealand. Energy Mad was listed on the NZSX stock exchange on 19 October 2011.

According to Nick Lewis, Senior Equity Analyst at Woodward Research, “Energy Mad has had a tough first six months as a public company. They recently announced two profit warnings attributable to a delay at the factory in China and complications with the accreditation process for one of their bulbs in Victoria, Australia. However, we understand both of these issues have since been addressed.”

Woodward Research’s report concludes that despite the profit warnings, Energy Mad’s fundamentals remain unchanged, and values MAD at $0.62 per share.

“The company continues to make a differentiated suite of lighting products that commercial and residential customers as well as and utilities in Australia, Europe and the United States are buying,” says Mr. Lewis.

The report highlights a growing trend among electricity utilities in those markets to introduce energy efficiency programmes. Woodward Research also asserts that Energy Mad is well-positioned to exploit that trend because their bulbs have a unique and patent-protected technology that improves the efficiency for both utilities and end-users.

Mr Lewis says, “Energy Mad is as much about selling energy efficiency savings to utilities as it is about selling light bulbs to consumers”

Energy Mad was founded in 1994 by Dr. Chris Mardon, Managing Director and Tom Mackenzie, Technical Director.

Woodward Research provides in-depth equity research for companies listed on the NZSX stock exchange, including initial public offerings (IPOs). A copy of Woodward Research’s equity research report on Energy Mad can be downloaded at no charge from